Cosi sales fall 6% in second quarter
July 9, 2010
by Eric Schroeder
DEERFIELD, ILL. — Total sales at Cosi, Inc. fell 6% to $29,617,000 during the second quarter ended June 28, led lower by an 8% decline in company-owned restaurant sales that were affected adversely by the sale of 13 restaurants to a franchisee during the second quarter.
System-wide comparable restaurant sales for the quarter, meanwhile, rose 3.1%.
“We are encouraged by the positive trend in system-wide comparable sales we experienced in the second quarter given the continued challenging consumer environment,” said James Hyatt, president and chief executive officer. “Our company-owned restaurants finished the quarter strong, achieving a 5.5% increase in comparable sales in the month of June. We believe we are benefiting from our expanded marketing efforts to broaden our consumer reach and drive traffic in multiple dayparts.”